It’s shaping up to be a frightening Halloween this year — for retailers, at least, that is.

Last year, the worsening economy prompted many consumers to splurge on the fun of the Halloween holiday; this year, retailers are expecting to see an average drop in spending per household of more than 15 percent, according to a survey released by the National Retail Federation.

Consumers are expected to spend an average of $56.31 on Halloween, down from $66.54 last year, the survey found. Total spending is expected to be $4.75 billion.

Even the young adult category, who have more disposable income and generally spend a lot on this holiday, say they are planning to cut back: the average 18-24 year-old will spend $68.56 this year, compared to $86.59 last year and $81.91 in 2007.

“The economy has caught up to Halloween this year,” said Tracy Mullin, President and CEO, National Retail Federation. “Since retailers know that Americans will be looking to celebrate on a budget, there’s no doubt we will see creative costume and decorating ideas in every price point imaginable.”To see tips on how to save this Halloween, click

Indeed, I’ve already begun seeing tips on how to do Halloween on a budget from a number of retailers.

Here are a few tips that I liked:

— Get coupons for this year’s costume by searching online and in Sunday circulars. Before you buy, check for discounts that may be available. For instance, CouponShack.com has coupons for free shipping for online stores like CostumeDiscounters.com. (CouponShack.com provided us with a number of these tips)

— Update old costumes or incorporate pieces from old costumes into new ones. A black cloak is a black cloak, no matter if you are Zorro or a wizard. A wand is a wand.

— Hold out until the last minute for good deals. This one, to me, is a bit dicey. You may not end up with a good discount, or your could find yourself with the option between a giant parrot costume and Barney the dinosaur.

— Shop around for deals when buying items like candy. Just because there’s a big promotional display at your grocery store doesn’t mean they candy is being sold at the best price.

— Buy costumes and decorations for next year after Halloween for huge savings. This one comes from Lake Worth savings diva and blog contributor Jodi Furman. She likes to buy items in after-holiday sales and save them for the next year.

— Make your own Halloween decorations and costumes. (This one is for those who are a little more creatively endowed than me.)
Any other tips for saving this Halloween? Will you be spending less on this ghoulish holiday? Post a comment and let me know how your Oct. 31 is shaping up.